VinFast, the main car manufacturer in Vietnam, recorded a net loss of 2.39 billion dollars last year (+14.7% compared to 2022) essentially due to having missed its sales target for the year 2023, which was 50 thousand units.
During the last financial year, VinFast - we read in a press release - delivered almost 35 thousand electric cars, equal to 1.09 billion dollars and with an increase of 111% compared to the previous year.
Despite this debacle, the revenue of the Vietnamese manufacturer - which operates at home, in the United States, Canada, Europe and soon also in India - increased in 2023, reaching 1.19 billion dollars, an increase of 91% compared to last year.
“We saw favorable results in our business operations in the fourth quarter, with strong revenue growth and improved profit margins,” commented Anh Nguyen, chief financial officer of VinFast, “and we remain focused on improving investment performance and strengthening our balance sheet, which what we will do by reducing production and material costs."
Launched in 2017, the VinFast brand has a short-term goal of selling 100,000 units at the end of 2024. It has also announced its intention to expand into other international markets in addition to India.
The Vietnamese company plans to invest at least $1.2 billion in Indonesia to set up an electric vehicle factory, and is planning to build a new factory in the Philippines as well.
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